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Mortgage

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  • 27-08-2011 9:17pm
    #1
    cosmowillie53
    Registered Users Posts: 445 ✭✭


    Mortgage : €57000 over 20 yrs.
    Time remaining: 38 months.
    Current interest rate: 5.69% ( recently gone up from 5.44% )

    What would the correct monthly repayment be now.
    Thanks in advance.


Comments

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    #2
    pjmn
    Registered Users Posts: 1,067 ✭✭✭pjmn


    €1,642.05


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    #3
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    More like 333 a month give or take.


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    #4
    pjmn
    Registered Users Posts: 1,067 ✭✭✭pjmn


    lomb wrote: »
    More like 333 a month give or take.


    ... there's 38 months left on mortgage....


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    #5
    highgiant1985
    Registered Users Posts: 1,777 ✭✭✭highgiant1985


    pjmn wrote: »
    ... there's 38 months left on mortgage....

    its 57,000 over 20 years - is this 57,000 the balance left to pay off or the amount that was borrow nearly 20 years ago. my reading is its the amount taken out 20 years ago so the balance left to pay off would be quite small. The OP needs to confirm


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    #6
    cosmowillie53
    Registered Users Posts: 445 ✭✭cosmowillie53


    Thanks for replies.

    €57000 was the total amount so yes the balance now is probably smallish.
    Time remaining is 38 months.
    Thanks.


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    #7
    pjmn
    Registered Users Posts: 1,067 ✭✭✭pjmn


    ... can you tell us how much is owing now?

    Assuming you've paid an average interest rate of say 5% over the life of the loan to date (guesstimate on my behalf) - then I reckon you now owe c. E13,500. If so your monthly repayments will be c. E389 per month.


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    #8
    cosmowillie53
    Registered Users Posts: 445 ✭✭cosmowillie53


    I dont know that. ( its not mine)
    Thanks


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    #9
    pjmn
    Registered Users Posts: 1,067 ✭✭✭pjmn


    :rolleyes:


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    #10
    highgiant1985
    Registered Users Posts: 1,777 ✭✭✭highgiant1985


    pjmn wrote: »
    ... can you tell us how much is owing now?

    Assuming you've paid an average interest rate of say 5% over the life of the loan to date (guesstimate on my behalf) - then I reckon you now owe c. E13,500. If so your monthly repayments will be c. E389 per month.

    without knowing the exact balance the above from PJMN is as good as you'll be able to get.


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    #11
    cosmowillie53
    Registered Users Posts: 445 ✭✭cosmowillie53


    Thanks for that . I will pass on info.


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    #12
    cosmowillie53
    Registered Users Posts: 445 ✭✭cosmowillie53


    cosmowillie53 wrote: »
    Thanks for that . I will pass on info.

    Just a follow on....

    It turns out that the mortgage protection value is now almost twice the remaining mortgage. Mortgage somewhere approx€13k and m/protection Approx €24k . Can one cancel the other at some time or is this not possible.

    Thanks


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    #13
    cosmowillie53
    Registered Users Posts: 445 ✭✭cosmowillie53


    cosmowillie53 wrote: »
    Just a follow on....

    It turns out that the mortgage protection value is now almost twice the remaining mortgage. Mortgage somewhere approx€13k and m/protection Approx €24k . Can one cancel the other at some time or is this not possible.

    Thanks

    PS.
    Is there a need to keep on paying mortgage protection based on the above.

    Thanks


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